The global automotive premium audio system market was valued at US$ 98.5 billion in 2017 and is expected to increase to US$ 127.6 billion by 2026, registering a CAGR of 2.7% over the forecast period from 2018 to 2026, according to Automotive Premium Audio System Market Report, by Product Type (6 Disc, 8 Disc, 10 Disc, and 12 Disc), by Application (Passenger Cars and Commercial Vehicles), by Sales Channel Type (Original Equipment Manufacturer and After Market), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Rapid growth of the automotive sector, increasing sales of electric cars, and growing preference of consumers for vehicle customization are some of the factors that are expected to significantly impact growth of the global automotive premium audio system market. For instance, according to the IEA International Energy Agency analysis, total number of electric cars on the road surpassed 3 million worldwide, an expansion of over 50% from 2016. Moreover, development of new audio systems that offer 360-degree listening and increasing demand for self-driving cars that are incorporated with various systems based on Artificial Intelligence technology are also expected to boost the market growth. 360 degree speakers such as Harman Control 80 Series Landscape Loudspeakers provide excellent full-range sound quality and 360-degree coverage. This sound system block surrounding noise to deliver high-quality. Moreover, this premium audio system can be voice-controlled. Therefore, these factors are expected to propel growth of the automotive premium audio system market.
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Key Trends and Analysis of the Global Automotive Premium Audio System Market: